The amount of interest that you paid on money borrowed for income purposes can be claimed on Line 22100. If you borrowed the money to generate the income, you can deduct the amount of interest from your total income.
However, the money borrowed to earn business income by you can be deducted in Line 8760 of your T2125.
In order to claim this amount in TurboTax, please follow the steps:
- In TurboTax, from the left sidebar, go to Income>Investment Expenses>check the box "Interest paid to earn interest, dividend and royalty income">Continue>Enter your amount of interest paid in "Interest Paid"
- Or simply you can find it by typing "Investments" and select Investment Expenses>Go>Enter your amount of interest paid in "Interest Paid"
To get more information, please refer to the following links:
Line 22100
Is Interest Deductible?
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